With a myriad of tools available for companies these days, marketing tactics and customer engagement techniques are upgrading at a remarkable place. Today’s businesses recognize the necessity of big data and analytics in understanding customers’ needs and have thus prioritized the use of tracking tools to build customer profile databases.
However, these tools don’t always deliver the most accurate result. This is where data enrichment comes in. Data enrichment basically improves the quality of information gathered to bring more accurate and useful results.
Here in this article, we will understand how data enrichment can help your business:
1. Cost savings
A report by Global Databerg contends that a firm with one petabyte of data spends nearly $650,000 a year to maintain the data, yet these companies only use a fraction of their data for any true benefit (source). But with the help of data enrichment, you can save your money.
It helps you enhance the internal data with external sources of data for the benefit of your organization. It can also help you in eradicating the information that is no more useful to your business. So, now you can manage your budget by utilizing your funds on other activities that can have a positive effect on your organization.
2. Boosts successful targeted marketing
A report by Radicati Group and Nucleus Research states that email spam costs businesses to lose $20.5 billion every year (source). But you can decrease the frequency of these issues by data enrichment.
With adequate data, you can make your sales team focus on sending leads through targeted campaigns aimed at the right people, at the right times. This can make you reach your target leads and enhance your business space. For successful targeted marketing, your company needs data enrichment to segment data effectively.
3. Get greater sales with data enrichment
Some businesses invest an enormous sum of money in their contact list just to discover whether their list of contacts is outdated or not. Not every organization can afford such losses.
Data enrichment makes sure that you have a clear and accurate contact list to enhance sales efficiency and boost your rate of investment. It also expands its benefits by offering opportunities for cross-sells and upsells. Your business will have the right data, and you can now know your customers very well.
4. Improves customer experience
When data enrichment is used to enhance the quality of your business’s information, you can respond more accurately to customers by drawing some precise insights.
When people like the content they receive, they are more likely to respond to it. This ultimately results in upgrading your customer experience, built on the foundation of data enrichment and the strategies it enables.
5. Eliminates redundant data
Unnecessary data can cause a great loss to the company. These kinds of data are common in organizations because they are not sure of what data to keep in and what data to let out. And this can result in customer loss, revenue loss, and even damage to reputation.
You can prevent these situations using data enrichment tools. Data duplication is more common in raw data and affects your data quality. With data enrichment, you can eradicate it and hence improve your quality of data.
6. No manual tasks are required
You must have thought that logging and maintaining data would invest more of your time. But since data enrichment allows automation in smart ways, it makes your job a lot easier by reducing your time and effort.
According to your needs and requirements, data enrichment automation standardizes values, focusing on the most meaningful impact you can give to your target customers.
You can decide what kind of data you need. Then a computer algorithm takes care of your work by standardizing and enhancing your contact records in a short time. No manual manipulation of individual records is required.
By enriching your data, you can get a fuller understanding of who your customers are and what they want. This not only allows you to personalize their experience with your brand but also to create content and products that appeal to them specifically.
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